December 8, 2021


Philippines's frozen pork inventory dropped in previous week

 

 

The Philippines' inventory of frozen pork declined slightly in the previous week, but remained significantly higher than that of the same period a year ago.


Latest data from the National Meat Inspection Service (NMIS) showed the inventory of frozen pork in accredited cold storage facilities stood at 75,024.91 tonnes as of November 29.


The figure was 2.5% lower than the 76,953.26 tonnes recorded for November 22. But it grew by 106.25% from the 36,375.66 tonnes posted in the comparative period last year.


Of the total number, 73,418.39 tonnes of the total frozen pork inventory were imported while the remaining 1,606.52 tonnes were produced locally.


The majority of the imported frozen pork, equivalent to 26,726.38 tonnes, went to the Philippines' National Capital Region.


Calabarzon and Central Luzon received 20,189.29 tonnes and 18,346.95 tonnes of the total inventory, respectively. Central Visayas, meanwhile, cornered 7,318.08 tonnes of frozen pork.


Economic managers have tagged high pork prices due to the 2019 outbreak of African swine fever (ASF) as the main driver of the current high inflation rate afflicting the Philippine economy, though supply has improved in recent months.


The government has issued directives to lower pork import tariffs and increase the allowable import volumes of the meat to help stabilise local supply and prices of pork products.


In May, Philippines President Rodrigo Duterte promulgated Executive Order No. 133, which raised the minimum access volume (MAV) or in-quota for pork to 254,210 tonnes from 54,210 tonnes.


Executive Order No. 128, meanwhile, lowered tariff for pork imports under MAV to 5% for the first three months and to 10% for the fourth to twelfth month of its effectivity.


For pork imports outside the MAV, the tariff rates were reduced to 15% for the first three months and 20% for the fourth to twelfth months of its effectivity.


The measure took effect on April.


EO 134 was superseded by EO 128, which modified the tariff rates on imported pork products. It set tariffs on pork imports under MAV to 10% for the first three months, and 15% in the next nine months.

 

For imports outside MAV, the tariffs are 20% for the first three months and 25% in the next nine months.


- Inquirer.Net

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